RTC asked to return money to staff body

Musheerabad: RTC Employees Union (EU) staged protest here at Credit Cooperative Society (CCS) office on Sunday demanding that RTC return Rs 400 crore, along with interest, it has taken from employee cooperative society CCS and to deposit the money in CCS account.

Speaking during protest, Raji Reddy, EU general secretary, said CCS was established in 1952 to meet the needs of the employees and their welfare and was considered as one of the best cooperative societies in Asia until recently.

RTC employees used to get loan from CCS within one week after applying, but now-a-days employees are made to wait for months together to get a loan from CCS, he lamented. RTC recovers money from the salaries toward CCS membership, and it utilises the same money. But, it has not been depositing the amount in CCS account since the last ten months, he said. As result, RTC management has to pay around Rs 400 crore to CCS and the interest of 40 crore, he said.

About 7,500 employees have applied for a loan from CCS and have been waiting anxiously to get loan, he said. Raji Reddy said that it is a shame that the management is misusing employees' savings. He demanded the management to stop recovering CCS membership fees from employees, as it is already indebted to CCS. The management's assurances to pay back the CCS arrears in CCS general body meeting in March have remained unfulfilled, so far, he lamented.